The Long Beach Board of Harbor Commissioners on June 12 approved a $634.5 million budget for the Port of Long Beach (POLB), including a “record-setting” transfer to the City’s Tidelands Operating Fund, which supports projects along Long Beach’s coastline.
According to POLB, the budget for Fiscal Year 2024 (FY24), which begins Oct. 1 and will be considered for approval by the Long Beach City Council later this year, is 7.4% lower than the budget adopted last year. Operating revenue is projected to be 5.7% higher than the previous year, while non-operating revenue is projected to be 22.2% lower, largely due to completion of the Long Beach International Gateway Bridge, POLB said.
The Port has budgeted an all-time high transfer of $24.1 million to the City’s Tidelands Operating Fund, which supports shoreline safety, cleanliness, water quality, facilities and other quality-of-life projects along Long Beach’s 7-mile coastline.
POLB says it plans to invest $250.1 million—nearly 40% of the budget—in an ongoing capital improvement program that will modernize terminals, rail, bridges, waterways, roads and other infrastructure to support the ongoing sustainable and responsible growth of operations.
Overall, POLB plans to invest more than $2.2 billion in infrastructure projects over the next 10 years, the most ambitious program for a U.S. seaport.
POLB—the Harbor Department of the City of Long Beach—does not use tax revenue to support operations.
“As we continue to weather challenges in the trade industry, the Port of Long Beach is looking toward the future by investing in projects that will enhance marine terminal productivity, deliver greater efficiency to our customers and improve the sustainability of our operations,” said POLB CEO Mario Cordero. “This budget demonstrates our ongoing financial strength and our position as a leading gateway for trans-Pacific trade.”
“This budget reflects the Port’s ongoing investment toward improving the quality of life for our surrounding communities as we continue to grow business sustainably and responsibly,” said Long Beach Harbor Commission President Sharon L. Weissman. “Our fiscal health is vital in maintaining the confidence of our industry partners to continue doing business with the Port of Choice.”